Market Insights Consumer OTC Pharmaceuticals

Eye Care - Singapore

Singapore

Revenue in the Eye Care market amounts to €3.21 in 2024. The market is expected to grow annually by 3.38% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,165 in 2024).
In relation to total population figures, per person revenues of €0.53 are generated in 2024.

Key regions: Thailand, Philippines, Indonesia, Canada, United Kingdom

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Eye Care market in Singapore has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Eye Care market have shifted towards a greater emphasis on preventive eye care and the use of innovative technologies.

With an increasing awareness of the importance of maintaining good eye health, consumers are seeking out products and services that can help them prevent eye diseases and maintain optimal vision. This has led to a rising demand for products such as contact lenses, eye drops, and vitamins specifically formulated for eye health. Additionally, consumers are also showing a preference for eyewear that incorporates advanced technologies, such as blue light filters and anti-glare coatings, to protect their eyes from the harmful effects of digital screens.

Trends in the Eye Care market in Singapore are also contributing to its development. One notable trend is the growing popularity of online shopping for eyewear and eye care products. Online platforms offer a wide range of products at competitive prices, making it convenient for consumers to browse and purchase eyewear from the comfort of their homes.

This trend has been further accelerated by the COVID-19 pandemic, as more people are opting for online shopping to minimize physical contact. Another trend is the increasing demand for customized eyewear, with consumers seeking unique and personalized designs that reflect their individual style and personality. This has led to the rise of boutique eyewear stores that offer a curated selection of high-quality, designer eyewear.

Local special circumstances in Singapore have also played a role in the development of the Eye Care market. Singapore has a high prevalence of myopia, with a significant portion of the population requiring corrective eyewear. This has created a large customer base for eyewear retailers and optometrists, driving the growth of the market.

Additionally, the government of Singapore has implemented various initiatives to promote eye health and raise awareness about the importance of regular eye check-ups. These initiatives include the provision of subsidies for eye examinations and the distribution of educational materials on eye care. Such efforts have contributed to an increased focus on eye health among the population and a higher demand for eye care products and services.

Underlying macroeconomic factors have also influenced the development of the Eye Care market in Singapore. The country's strong economy and high disposable income levels have enabled consumers to allocate a larger portion of their budget towards eye care. Additionally, Singapore's aging population has led to a higher demand for eye care services, as age-related eye conditions become more prevalent.

These factors, combined with the growing awareness of eye health, have created a favorable market environment for the Eye Care industry in Singapore. In conclusion, the Eye Care market in Singapore is developing rapidly due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The emphasis on preventive eye care, the adoption of innovative technologies, the rise of online shopping, and the high prevalence of myopia are all contributing to the growth of the market.

With the continued focus on eye health and the increasing demand for eye care products and services, the Eye Care market in Singapore is expected to expand further in the coming years.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.